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2019 Tennessee Code
Title 48 - Corporations and Associations
Nonprofit Corporations
Chapter 53 - Purposes and Powers
Part 2 - Nonprofit Fair Asset Protection Act
§ 48-53-203. “Good cause” defined.
Universal Citation: TN Code § 48-53-203 (2019)
For the purpose of this part, “good cause” means to exclude any refusal or failure by the Tennessee nonprofit corporation to make purchases of or to contract to make purchases of goods or services where the board of directors of the Tennessee nonprofit corporation determines, according to the standards set forth in § 48-58-301, that making a purchase or contracting to make a purchase is not in the best interest of the Tennessee nonprofit corporation or is commercially unreasonable.
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